3M posts record sales despite Japan losses
US manufacturing conglomerate 3M posted record sales in the first quarter, with strong growth in Asia despite the impact of the Japanese earthquake and tsunami, the firm said Tuesday.
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The Minnesota-based company said all time high sales of $7.3 billion helped lock in a more modest profit of around $1.1 billion, up 16 per cent from the same period a year before.
Sales in the Asia-Pacific region grew nearly 16 per cent.
"Sales are growing faster as a result and our businesses are growing most everywhere in the world," said chief executive officer George Buckley.
But 3M estimated events in Japan would reduce full year sales growth by around one percentage point.
Operating margins and earnings will also be hit.
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